IonQ (NYSE:IONQ) Trading Down 4.2% – What’s Next?

Shares of IonQ, Inc. (NYSE:IONQ) fell 4.2% during mid-day trading on Friday . The stock traded as low as $21.92 and last traded at $22.66. 6,305,282 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 14,887,723 shares. The stock had previously closed at $23.65.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Craig Hallum upped their price objective on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. DA Davidson upgraded IonQ to a “strong-buy” rating in a report on Thursday, February 20th. Benchmark cut their price objective on IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Needham & Company LLC reissued a “buy” rating and set a $54.00 target price on shares of IonQ in a research note on Thursday, February 27th. Finally, The Goldman Sachs Group lifted their price target on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, IonQ has a consensus rating of “Buy” and a consensus price target of $44.80.

IonQ Stock Down 3.7 %

The stock has a fifty day moving average of $31.67 and a 200-day moving average of $26.78. The firm has a market capitalization of $5.07 billion, a P/E ratio of -28.11 and a beta of 2.50.

Insider Transactions at IonQ

In other news, CRO Rima Alameddine sold 1,407 shares of the stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $21.20, for a total transaction of $29,828.40. Following the completion of the transaction, the executive now directly owns 592,615 shares in the company, valued at $12,563,438. This represents a 0.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Thomas G. Kramer sold 11,712 shares of IonQ stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total value of $217,491.84. Following the completion of the sale, the chief financial officer now directly owns 944,510 shares in the company, valued at approximately $17,539,550.70. This represents a 1.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,033,166 shares of company stock valued at $38,059,593 in the last ninety days. 11.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IonQ

Large investors have recently made changes to their positions in the stock. Pathway Financial Advisers LLC bought a new position in shares of IonQ in the 4th quarter valued at about $26,000. Smartleaf Asset Management LLC grew its holdings in IonQ by 421.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock worth $27,000 after purchasing an additional 501 shares during the period. Measured Risk Portfolios Inc. bought a new stake in IonQ in the fourth quarter valued at approximately $27,000. TD Waterhouse Canada Inc. acquired a new position in shares of IonQ during the 4th quarter worth approximately $33,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of IonQ during the 4th quarter worth approximately $34,000. Institutional investors and hedge funds own 41.42% of the company’s stock.

About IonQ

IonQ, Inc engages in the development of general-purpose quantum computing systems in the United States. It sells access to quantum computers of various qubit capacities. The company makes access to its quantum computers through cloud platforms, such as Amazon Web Services (AWS) Amazon Braket, Microsoft’s Azure Quantum, and Google’s Cloud Marketplace, as well as through its cloud service.